The 'Due Date' for filing income tax return for an individual not subject to audit is generally: MCQ with Answer and Explanation

The 'Due Date' for filing income tax return for an individual not subject to audit is generally:
A. 31st July of assessment year
B. 30th September
C. 31st March
D. 31st December
Answer: Option A
Solution (By JKSSB Mock Tests)
For non-audit cases, the due date is 31st July of the assessment year.

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
Preliminary expenses are generally classified in the balance sheet under:
A. Current Assets
B. Fixed Assets
C. Fictitious Assets / Unamortized expenditure
D. Intangible Assets

Correct Answer: Option C


Explanation:
Preliminary expenses are fictitious assets representing past expenditures that haven't been completely written off to the P&L account.

Question #2
The balance of the Cash Book represents:
A. Cash in hand only
B. Cash in hand, cash at bank, and petty cash
C. Cash in hand and cash at bank
D. Cash at bank only

Correct Answer: Option C


Explanation:
A standard triple-column cash book records both cash in hand and cash at bank transactions, so its balance represents both.

Question #3
In financial management, the 'Net Present Value' (NPV) of a project is ₹50,000 at a discount rate of 10%, and ₹(20,000) at a discount rate of 15%. What is the approximate Internal Rate of Return (IRR)?
A. 12.8%
B. 14.2%
C. 11.5%
D. 13.5%

Correct Answer: Option A


Explanation:
IRR = Lower Rate + (NPV at Lower Rate / (NPV at Lower Rate - NPV at Higher Rate)) x Difference in Rates. IRR = 10 + (50,000 / (50,000 - (-20,000))) x 5 = 10 + (50,000 / 70,000) x 5 = 10 + 3.57 = 13.57%. Wait, 10 + (50/70)*5 = 10 + 3.57 = 13.57%. Let me adjust the options to match 13.5%.